Dangote Refinery Cuts Petrol Price by N75 Per Litre

Dangote Petroleum Refinery has slashed the wholesale price of petrol by N75 per litre, effective from midnight on June 16, according to a circular issued to fuel market participants on Monday. The new ex-depot rate now stands at N1,175 per litre, down from the previous N1,250 per litre, marking a significant adjustment in Nigeria's fuel supply chain.

The refinery attributed the price reduction to a combination of factors: declining global crude oil prices and the recent de-escalation of tensions in the Middle East, both of which have eased pressure on international energy markets over the past three months. The refinery also reduced its coastal price per metric tonne from N1,595,790 to N1,495,215 in the same adjustment.

The cut at the wholesale level is expected to provide relief at Nigeria's petrol pumps, though there is a timing lag between refinery adjustments and retail price changes. As of Tuesday, most filling stations were still selling petrol at around N1,280 per litre, with operators citing the need to clear older stock before adjusting to new wholesale rates.

Industry sources indicated that further drops could push retail prices toward the N1,200 to N1,250 range, depending on how quickly retailers transition to the new wholesale cost structure. The refinery noted that any outstanding volumes yet to be unloaded at the previous rate will be repriced according to the new rate effective from midnight on June 16, 2026.

This standardisation ensures consistency across the fuel distribution chain as the market absorbs the latest adjustment from Nigeria's sole functional domestic refinery.